COMMERCIAL LOCATION ON FT MORGAN ROAD

Retail-Commercial for Sale
Catylist Listing ID: 30007175
Property Subtypes: Free-Standing Building, Mixed Use, Restaurant, Street Retail, Tavern/Bar/Nightclub, Other
Building Size (RSF): 4,500 SF
Gross Land Area: 35,100 SF
Sale Price: $425,000
Unit Price: $94.44 PSF
Ceiling: 12 ft.
Property Use Type: Business
Usable Size (USF): 4,500 SF
Sale Terms: Cash to Seller
Cap Rate: Undisclosed
Average Occupancy Rate: 95
Last Updated: 6/20/2019

Overview / Comments

This 4,500 s/f commercial building consists of a 3,000 s/f Restaurant & Oyster Bar space and a 1,500 s/f Fresh Seafood Market. The Market is a long-term rental and has a busy clientele because of the location. It is in a high traffic area just 4.5 miles from Gulf Shores Parkway (Hwy 59) on Fort Morgan Road and is located next to the Chevron Station. Dollar General is a few hundred feet to the west. It is surrounded by residential homes and short-term vacation rentals. (The adjoining commercial property is also available. Please view MLS #30007298 for more information.)

Financials

Finance Data Year 2016
Real Estate Taxes - Annual($) $1,649 (Annual)
Tax Value Land $75,000
Tax Value Improvements $174,800
Assessed Value - Total($) $49,960 (Annual)
Potential Rental Income $55,800 (Annual)
Gross Operating Income $49,800 (Annual)
Net Operating Income $45,000 (Annual)
Lender Name N/A
Amortization Period N/A

Additional Details

Nearest MSA: Daphne-Fairhope-Foley
County: Baldwin
Taxing Authority: Baldwin County Probate
Tax ID/APN: 114474
Zoning: GENERAL BUSINESS
Retail Clientele: General, Family, Business, Traveler, Tourist, Recreation, Other
Property Located Between: Dollar General / Chevron and Twin Pines Circle
Property Visibility: Excellent
Largest Nearby Street: State Hwy 180 (Ft Morgan Rd)
Feet of Frontage: 121
Traffic/Vehicle Count: 16,720
Highway Access: Property sits directly on State Highway 180 (Ft Morgan Road) and is 4.5 miles from Gulf Shores Parkway (Hwy 59).
Airports: Jack Edwards, Gulf Shores, AL, Pensacola International , Mobile International
Site Description: High visibility, level parking. Located next to the Chevron Station on State Highway 180 (Ft Morgan Rd)
Area Description: Gulf Shores is one of the premier beach communities in the country. A family friendly community that thrives year round! Great entertainment, food and fishing! Historic Fort Morgan is a unique place to visit as well, and there is a Ferry that will take you across Mobile Bay to Dauphin Island!
Tenancy: Multiple Tenants
Total Number of Buildings: 1
Number of Stories: 1
Typical SF / Floor: 4,500 SF
Property Condition: Good
Year Built: 2000
Year Renovated: 2014
Roof Type: Flat
Construction/Siding: Metal/Glass
Exterior Description: Metal Siding with Plate Glass and a built up flat roof.
Total Parking Spaces: 25
Parking Ratio: 5 (per 1000 SF)
Parking Type: Surface
Parking Description: There is a surface parking lot for the 2 Commercial Businesses with 25 spaces in a common area.
Sprinklers: None
Heat Type: Electricity
Heat Source: Heat Pump
Air Conditioning: Engineered System
Internet Access: Cable, DSL, ISDN, Satellite, Gigabit, Dialup, Other
Interior Description: The Silver Seahorse Oyster Bar has ceramic tile in the kitchen area. There is vinyl planking in the eating/bar area with wainscoated walls. The restaurant seats approiximately 40-50. There is an area that has pool tables. In the Fresh Seafood Market there is a prep area, display cases and supermarket style shelving for produce and products. Plate glass front with ceramic tile throughout.
Zoning Description: General Business
Lot Frontage: 120.7
Lot Depth: 185'
Water Service: Municipal
Sewer Type: Municipal
Easements: Utilities
Land Ownership: Owned
Legal Description: 120.7'X185' (S) IRR FM NE COR SEC 22 RUN 2 660' TO POB, TH S 155'(S), TH SW ALG N R/W LN 120.7', TH N 185'(S), THE E 118.9' TO POB CONTAINING .5 ACRES IN NE1/4 OF NE1/4 SEC22-T9S-R3E (WD)

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Demographic Statistics

Proximity: 3 miles 5 miles
Total Population: 4,799 7,566
Median Age: 47.92 43.82
Households: 2,161 3,434

Contact

Photograph of Listing Agent

William P. Lagman

Coastal Real Estate Center, LLC Gulf Coast CMLS Member
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